Xerox, a company that makes digital printing and document management technologies in the United States, has announced plans to reduce its workforce by 15%.
The move is thought to be part of a larger initiative by the company to implement a new organisational structure and operational model.
Furthermore, the restructuring strategy entails streamlining its primary print business products, increasing efficiency in global business services, and concentrating more on IT and other digital services.
The proposed downsizing will reportedly affect over 3,000 employees, with the layoffs set to take effect in the current quarter. Xerox had approximately 20,500 employees at the end of the previous year.
Following this announcement, Xerox’s stock price dropped by more than 12%. The transition to a business unit operating model, according to Xerox CEO Steven Bandrowczak, is a continuation of the company’s commitment to client-centric, well-balanced execution priorities.
This strategic shift aims to accelerate operational efficiencies globally, with a focus on improving and stabilising the core print business, increasing productivity through the formation of a new Global Business Services organisation, and implementing disciplined revenue diversification strategies.
The Xerox Corporation is a company that specialises in digital printing and document management solutions. It was founded in 1906 and has played an important role in the development of photocopying technology. It is best known for inventions such as the photocopier and laser printer, which transformed the way businesses handled documents.
Over the years, the company’s services have grown to include imaging, software, and business-process outsourcing.
